Bank of America is investigating the deal with a South African retailer that blew a $1 billion hole through Wall Street bank earnings (BAC)

REUTERS/Robert Galbraith A handful of banks made a loan to the ex-chairman of South African retailer Steinhoff International The loan went belly-up after Steinhoff became embroiled in an accounting scandal. That cost Wall Street banks over $1 billion on their fourth-quarter earnings. Bank of America has hired an outside law firm to figure out whether the losses could've been prevented, according to The Wall Street Journal. A bad loan to the ex-chairman of embattled South African retailer Steinho...